Meadowbrook & Brookside Apts

113-119 Samoa Blvd, Arcata, CA 95521

Active Listing

$11,500,000

Listing Price

120

Units

$96,000

Per Unit

1973 / 2005

Year Built / Additions

Investment Overview

Marcus & Millichap is pleased to present Meadowbrook & Brookside Apartments, two adjoining complexes comprised of 120 multifamily units strategically located at 113, 115, 117, 119 Samoa Blvd in Arcata, CA. Meadowbrook, comprised of 81 units, has 80 of its 81 units encumbered by a regulatory agreement from an HCD CHRP loan it received. This loan balance is approximately $4,500,000 and will be assumed by the buyer. The list price for Meadowbrook is $4,850,000 (~$350K above the debt). Further, Meadowbrook has a cash-flow limitation which limits its NOI to approximately $30,400 for the Meadowbrook portion. Brookside, comprised of 39 units, is a market rate property and is not encumbered by any regulatory agreements. The list price for Brookside is $6,900,000. Constructed in various phases between 1973 and 2004, the properties boasts a blend of modern and vintage units. The properties spans seven contiguous parcels and offers an attractive unit mix of 1 to 4-bedroom units catering to a diverse tenant base.

Arcata, nestled in Humboldt County, is renowned for its scenic beauty, vibrant arts scene, and proximity to key employment and education hubs, including Cal Poly Humboldt University. The property benefits from its central location, offering easy access to downtown Arcata, local shops, restaurants, and the Arcata Marsh & Wildlife Sanctuary. This prime location ensures a steady rental demand, supported by the region's growing economy and limited housing supply.

Meadbrook/Brookside is located in the Sunny Brae region, an Arcata suburb. To the east, hiking trails wind through towering redwoods and Douglas firs, and to the west, coastal wetlands extend out towards the misty waters of Arcata Bay. Sunny Brae offers a blend of suburban tranquility, convenient amenities, and a strong sense of community, making it a desirable place to live in Arcata.

Investment Highlights

Desirable Location:
Situated in the heart of Arcata, CA, with close proximity to Cal Poly Humboldt University, shopping, dining, and recreational facilities.

Strong Market Fundamentals:
Arcata’s growing population and limited multifamily housing supply ensure consistent rental demand.

Proximity to Nature and Lifestyle Amenities:
Located near the Arcata Marsh & Wildlife Sanctuary and Redwood National and State Parks, appealing to tenants who value outdoor activities.

Stable Cash Flow:
Well-maintained property with potential for revenue growth through renovations and rent escalations.

Due

Diligence

Download Here

Cal Poly Humboldt

Meadowbrook & Brookside are 1.2 miles from Cal Poly Humboldt (4 min drive & 20 min walk).

STATE INVESTMENT AND ENROLLMENT EXPANSION -

In 2021, Cal Poly Humboldt received a substantial state investment of nearly $500 million to support its transition into a polytechnic institution. This funding aims to expand academic programs, enhance facilities, and significantly increase student enrollment. The university's prospectus projected a 50% enrollment increase over three years and a potential doubling over seven years.

STUDENT HOUSING SHORTAGE -

The limited availability of on-campus housing has been a persistent issue, with the university currently able to accommodate only about one-third of its students. A 2018 study found that nearly one in five students had experienced homelessness, twice the CSU system average. To address this, the university has initiated projects like the off-campus Craftsman Mall housing complex, projected to open to about 1,000 residents in fall 2025, and new on-campus housing expected to house another 600 to 700 students by summer 2027.

INVESTMENT POTENTIAL -

Given the current housing constraints and the university's plans for enrollment growth, there is a significant opportunity for private housing providers. The Meadowbrook/Brookside Apartments can serve as an immediate solution for students seeking accommodation, especially as the university works to expand its housing capacity.